Morocco’s trade deficit stood at 20.26 billion dirhams (MMDH) in January 2022, up 75.2% compared to the same period of 2021, according to the Foreign Exchange Office.
Imports increased by 39.5% to more than 50.9 billion dirhams and exports rose by 23% to 30.64 billion dirhams, specifies the Office which has just published its monthly indicators of foreign trade for the month of January, noting that the coverage rate stands at 60.2%.
The level of imports reflects the post-covid19 recovery which was felt in the second half of 2021. These imports posted an average of 45.51 billion dirhams/month during this period.
With regard to exports, they recorded a monthly average of 29.09 billion dirhams during the second half of 2021.
The rise in imports of goods affects all product groups. Indeed, the energy bill increases by 67% mainly due to the increase in supplies of diesel and fuel oil (+1.71 billion DH) due to the increase in prices by 60.4% (6,436 DH/T at end of January 2022 against 4,013 DH/T a year earlier).
The quantities imported remained almost stable: 579 mT at the end of January 2022 against 502 mT at the end of January 2021.
For their part, imports of food products increased by 56.3%. This increase follows, mainly, the increase in wheat purchases (+1.7 billion dirhams) which reached their highest level in the last five years. This change is due to the simultaneous rise in prices (+21.3%: 3,238 DH/T at the end of January 2022 against 2,669 DH/T at the end of January 2021) and quantities which have more than doubled (805 mT at the end of January 2022 against 338 mT at the end of January 2021).
Moreover, the increase in exports concerns the majority of sectors, mainly phosphates and derivatives, the agriculture and agri-food sector and that of textiles and leather.